Thursday, May 3, 2012

The market resumed its short term trend down today. The count for the decline that is believed to be (E) of [4] underway are not clear, but it can follow be any of the options listed above.

If the count is correct, there is still a good amount of action within (E) remaining to complete a triangle; price must cross into wave [3] territory before the pattern completes. If the count is not correct, a different sideways correction should be underway.

The longer term is still bullish with perhaps new all time highs ahead. Keep in mind the action since March 2009 is still corrective, resembling a single zigzag nearly complete.

I will be teaching a live seminar for Elliott Wave International on May 19th entitled, "Introduction to the
Elliott Wave Principle-One Day Seminar". Find out more about this
course and read my bio here. Elliott Wave International interviewed me not long ago. Find that interview here

The market resumed its short term trend down today. The count for the decline that is believed to be (E) of [4] underway are not clear, but it can follow be any of the options listed above.

If the count is correct, there is still a good amount of action within (E) remaining to complete a triangle; price must cross into wave [3] territory before the pattern completes. If the count is not correct, a different sideways correction should be underway.

The longer term is still bullish with perhaps new all time highs ahead. Keep in mind the action since March 2009 is still corrective, resembling a single zigzag nearly complete.

I will be teaching a live seminar for Elliott Wave International on May 19th entitled, "Introduction to the
Elliott Wave Principle-One Day Seminar". Find out more about this
course and read my bio here. Elliott Wave International interviewed me not long ago. Find that interview here

My trading philosophy is 95% based on my own Elliott Wave analysis of the S&P 500. I try to keep my analysis and trading as simple as possible and do not use trend lines, channels, or definite retracement, price, or time targets. To me, inspecting the proportionality and symmetry of a market's price structure is the key to mastering the principle; it is through this that low-risk, high-reward trading opportunities are found.

Because they are the only things I look at when trading, the quality of the charts I post on this blog are very important to me. I think you will find my work to be the best Elliott Wave analysis of the S&P 500 on the internet.